Hero MotoCorp on Wednesday said its board has approved a 20 per cent reduction in the fixed salary of Chairman Pawan Munjal following his request.
Earlier this year, Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the company, Hero MotoCorp said in a regulatory filing.
"Following this transition, he has now volunteered to reduce his fixed salary by 20 per cent. The same was approved by the Board of Directors at its meeting today (November 1) following the recommendations of the Nomination & Remuneration Committee," it added.
The updated remuneration of the executive chairman will be effective January 1, 2024, the company said.
According to the company's annual report for 2022-23, Munjal's remuneration was Rs 99.55 crore in the fiscal.
In March this year, Hero MotoCorp announced the elevation of Niranjan Gupta as the new CEO from Chief Financial Officer, Head - Strategy and M&A, and assumed the new role with effect from May 1, 2023.
Munjal continued as Executive Chairman and Whole-Time Director on the company's board.